Webinar Recap: Project Performance Measurement – Part 1: Overview Of Project Performance Measurements

MPUG

Please find below a transcription of the audio portion of Fletcher Hearn’s session, Project Performance Measurement – Part 1: Overview Of Project Performance Measurements, being provided by MPUG for the convenience of our members. Fletcher Hearns: What can be measured?

Webinar Recap: Project Performance Measurement – Part 2: What to Measure and How to Report

MPUG

Please find below a transcription of the audio portion of Fletcher Hearn’s session, Project Performance Measurement – Part 2: What to Measure and How to Report, being provided by MPUG for the convenience of our members. This one covering, What to Measure and How to Report.

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6 Tools and Techniques for Controlling Risks

Project Risk Coach

Changes in project risks are inevitable. As a project progresses, the probability and impact of current risks change, new risks emerge, and residual risks may increase or decrease. How can project managers optimize their risk responses and get the results they are looking for? Tom started his project with a risk identification exercise with several stakeholders resulting in a list of 77 risks. Risk Control Tools and Techniques. Risk audit.

6 Tools and Techniques for Controlling Risks

Project Risk Coach

Changes in project risks are inevitable. As a project progresses, the probability and impact of current risks change, new risks emerge, and residual risks may increase or decrease. What tools and techniques can project managers use for controlling risks and getting the results they are looking for? Tom started his project with a risk identification exercise with several stakeholders resulting in a list of 77 risks.

A Compendium of Works to Increase the Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management. Open Loop / Closed Loop Project Controls. Integrated Master Plan: The Foundation of Program Success , College of Performance Management, May 21, 2014. The Nine "I's" of Program Success ," College of Performance Management. Forming, Storming, Norming, Performing, and Adjourning. Project Performance Management. Building a Credible Performance Measurement Baseline. Risk Management.

2008 45

Compendium of Works to Increase Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management Briefings and Presentations. Project Performance Management (#PPM). Risk Management (#RM). Technical Performance Measures (#TPM). Cost, Schedule, and Technical Performance Management (#CSTPM). The overarching theme is focused on defining what Done looks like, assessing progress toward Done in units of measure meaningful to the decision makers. Project Performance Management.

2015 37

Closed Loop Control and Granularity of the Estimating Process

Herding Cats

For any closed loop control system ‒ let’s assume we want to manage our project with such a system ‒ has a signal representing the current state of the system. For software, this can be value produced (assuming we have a unit of measure for that value in the for of effectiveness, performance, key performance parameters, or technical performance measures ). For your Honeywell or Nest controller on the wall, that sample rate is measured in seconds.

Definition of Done

Herding Cats

These Measures have Little meaning to the Decision Makers. Do those capabilities meet the Measures of Effectiveness needed to accomplish the mission of the system in operational units of success closely related to the achievements of the mission or operational objectives evaluated in the operational environment, under a specific set of conditions? These are attributes to assure the system has the capability and capacity to perform. Close Loop Thinking.

2017 38

Deconstructing the Hertz and Accenture Debacle

Herding Cats

Of course, No Root Cause analysis has been performed by these advocates, but it makes good click bait for their followers. Root Cause Analysis is Risk Management, that asks the question what is the condition or activity that will create a risk to the success of our project? Without this approach, you only find out about the problems that will cause failure (for example Hertz and Accenture) after they have happened Risk Management is How Adults Manage Projects - Tim Lister.

Integrated Master Plan - Revisited

Herding Cats

Designing, building, testing, and deploying complex systems is fraught with risk. And as always risk comes from uncertainty. Much has been written about the sources of risk and how to Manage in the Presence of Uncertainty (This briefing describes how risk is managed for each element of the Integrated Master Plan). . Transparent – Comprehensible display of what needs to be done and how completion is measured. IT Risk Management.

Decision Analysis - Ordinal and Cardinal Measures

Herding Cats

AHP is based on the principle that all measurements are relative. AHP provides a framework to make relative comparisons using a rational decision structure based on scaled pairwise comparisons (Borda Ranking) using a scale that converts stakeholder preferences and priorities into ratio measures. Using this method, the performance, cost, time, and risks of alternatives can be articulated as ratios that can then be compared with one another.

2018 40

From Mission Capabilities to Done

Herding Cats

No matter the project domain or the technical development method, project success is dependent on knowing what Done looks like in units of measure meaningful to the decision maker. These measures are: Measures of Effectiveness (MOE) – are the operational measures of success that are closely related to the achievements of the mission or operational objectives evaluated in the operational environment, under a specific set of conditions.

2017 35

Connecting "What" with "How" - and the Failure to Understand the Principles of Systems Engineering and Systems Management

Herding Cats

Progress and Value are measured with the same in Earned Value Management. In Earned Value Management paradigm, progress is always measured as physical percent complete. This physical percent complete is measured as compliance with the Technical Performance Measures of the outcomes of the work efforts, that consume the budget for that work. The Measures of effectiveness. The Measures of Performance are. Key Performance Parameters.

Misinterpretations of the Cone of Uncertainty

Herding Cats

The Cone of Uncertainty as a Technical Performance Measure. Closed Loop Stochastic Adaptive control in the presence of Evolving Uncertainty. Uncertainty creates Risk. Risk management requires active reduction of risk. Active reduction requires we have a desired reduction goal, perform the work, and measure progress toward the rduction goal. Closed Loop Control, has a goal, an action, a measurement, and a corrective action.

2017 32

Fallacy of the Day

Herding Cats

Project Controls are Management Actions, either preplanned to achieve the desired result, or taken as a corrective measure prompted by the monitoring process. Project controls are concerned with the metrics of the project – quantities, time, cost, and other resources and their measurable beneficial outcomes for the project. In the Project Controls paradigm, Value is a measurable attribute of the project controls process - a Closed Loop Control measure.

2017 34

Risk Management is How Adults Manage Projects

Herding Cats

In a recent exchange in social media, it was clear the notion of risk and the sources of risk, the consequences or risks and managing in the presence of risk was in very unclear, when it was conjectured , we can simply slice the work into small bits and REDUCE risk. . First, the only risk that can be reduced is the risk created by Epistemic Uncertainty. Making things small does not reduce the risk it may make the uncertainty smaller.

2003 38

Project Management Process: The Basics

Clarizen

Monitoring & Controlling : processes required to track, assess, and regulate project performance and progress, as well as identify and initiate changes as necessary. . Closing : processes required to formally end a project, or a phase of a project. . Risk management plan.

Schedule Performance Index (SPI): An Introduction

ProjectManager.com

The schedule performance index was created to eliminate the guesswork and give a specific, quantifiable answer to the question, as well as show where improvements need to be made for maximum efficiency. What Is the Schedule Performance Index? Schedule Performance Index Key Terms.

2021 352

3 Questions That Must Be Asked at Every Project Management Meeting

Herding Cats

In the ConOps are measures of Effectiveness for the components of the project that implement the Capabilities . The only answer to that is a measure of Physical Percent Complete (P%C). P%C starts with defining the Measures of Performance and Technical Performance Measures for each deliverable as a function of time. These measures are supported by Quantifiable Backup Data. Risk Management is Project Management for Adults - Tim Lister.

2018 35

5 Key Steps to Successful Project Management

Entry

The project plan should contain performance measures and any process changes that need to take place and who and what will these changes impact. Define how to address risks should they arise. Step 5: Reach Your Goal, Deliver and Close the Project. Managing your first project can be daunting. To simplify things, here are five steps critical to the successful management of a project: Step 1: Initiate the Project by Defining the Scope.

2017 150

Cone of Uncertainty - Part Cinq

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). Estimates of cost, schedule, technical performance on the left side of the cone have a lower probability of being precise and accurate than estimates on the right side of the cone. Aleatory and Epistemic uncertainties, which create the risk to the success of the project.

2017 33

Cone of Uncertainty - Part Cinq (Updated)

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). Estimates of cost, schedule, technical performance on the left side of the cone have a lower probability of being precise and accurate than estimates on the right side of the cone. Aleatory and Epistemic uncertainties, which create the risk to the success of the project.

2017 30

Cone of Uncertainty - Part Deux

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates or any other project attribute (in this post, cost, schedule, and technical performance parameters). Estimates of cost, schedule, technical performance on the left side of the cone have a lower probability of being precise and accurate than estimates on the right side of the cone. Aleatory and Epistemic uncertainties, which create risk to the success of the project.

2017 30

Cone of Uncertainty - Part Trois

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). Estimates of cost, schedule, technical performance on the left side of the cone have a lower probability of being precise and accurate than estimates on the right side of the cone. Aleatory and Epistemic uncertainties, which create the risk to the success of the project.

2017 28

A Complete Guide to PMIS

ProjectManager.com

What these programs do is help project managers to plan, execute and close their project. It is used to support all aspects of the project from initiating through closing and can include both manual and automated systems.”. Some will also have automated gathering and reporting on key performance indicators (KPIs). The information is also critical for future projects in terms of reducing risk, improving efficiencies and lowering costs.

2019 211

Project Management Process & Phases

ProProfs Project Management

Initiation is the very first phase of project management, and it is all about measuring the value, benefits, and feasibility of the project. specific, measurable, attainable, realistic, timely) . Risk : This is an integral part of planning. Not all risks warrant a response.

Why Johnny Can't Do The Math

Herding Cats

In a previous post, Why Johnny Can't Estimate , mentioned some resources for estimating, the principles of business and technical management that demand estimates be made to make decisions, and background on the sources of uncertainty, that create risk, that require estimating to increase the probability of project success. For any system to be ergodic it has to be closed, with no outside influences. 3] Black Swans in Risk, Myth, Reality and Bad Metaphors . [4]

Different Project Management Terms Beginners Should Know

ProProfs Project Management

KPI stands for Key Performance Indicators. These indicators basically measure a project’s success by defining various metrics for different departments, such as marketing, sales, etc. Performance Measurement Baseline. Qualitative Risk Analysis. Closing Process.

2020 91

The Complete Glossary of 614 Project Management Terms

Workamajig

Accept: A response to a project risk where the project manager accepts the risk and takes no action to evade it, i.e. 'accepting' the risk. This is usually in case of risks that are unlikely to occur or minor enough so as to not affect the project's outcome.

2021 78

Physical Percent Complete: Knowing When You Are Done

Herding Cats

The goal of every program manager is to have a set of practices that connect all the programmatic planning, risk, and performance information in a single unified view needed to support the decisions that increase the probability of success of any project or program. There are cost people, scheduling people, risk people, EVM people, engineers, testers, and others on any program. Cost is measured in dollars and schedule is measured in time. IT Risk Management.

2018 38

Value and the Needed Units of Measure to Make Decisions

Herding Cats

Without units of measure of Value beyond time and money, there can be not basis of comparison between one value based choice and another. In the Systems Engineering world where we work, there are four critical units of measure for all we done. Measures of Effectiveness - these are operational measures of success that are closely related to the achievements of the mission or operational objectives evaluated in the operational environment, under a specific set of conditions.

2016 42

What is an Estimate? What is Estimating?

Herding Cats

There are several partitions of this information that are common in building the Performance Measurement Baseline (PMB). Since all projects operate in the presence of uncertainty, with the resulting risk - estimates are needed to make decisions that impact the future. A value that is close enough to the right answer, developed with some thought or calculation. But since uncertainty is the creator of risk, you'll have not complied with Tim Lister's direction.

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. It contains all the details about the tasks a project team has to perform. . is a randomly chosen amount of time a task can be postponed without risk of delaying the project completion moment. is a state of resource allocation performed by a project manager. Control Risks .

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. It contains all the details about the tasks a project team has to perform. . is a randomly chosen amount of time a task can be postponed without risk of delaying the project completion moment. is a state of resource allocation performed by a project manager. Control Risks .

Invoking "Laws" Without a Domain or Context

Herding Cats

Its most popular formulation is: "When a measure becomes a target, it ceases to be a good measure." What this says is again when the measure becomes the target, that target impacts the measure, changing the target. . Is this macroeconomic model a correct operational model for software development processes - measuring changes the target ? In our domain this control system is the Risk Adjusted Earned Value Management System (EVMS).

2016 36

Managing in Presence of Uncertainty

Herding Cats

This is an immutable principle that impacts planning, execution, performance measures, decision making, risk, budgeting, and overall business and technical management of the project and the business funding the project no matter the domain, context, technology or any methods. Do we have measures of Effectiveness, Performance, all the .ilities. Is each of these measures being met for the planned cost at the planned time? .

Applying Project Management Concepts in Real-life Projects

iZenBridge

In such projects, since we are using progressive planning, we usually don’t compare progress against baseline.Other types of measurements could be used here such as: What was the plan? So, while the reports and measurement systems may compare against budget, it is not as simple as comparing the earned value against first baseline as baselines are getting revised. The domain also determines the rigor of quality measurements required.

Deconstructing The Cone of Uncertainty

Herding Cats

Landmark’s measure of success over these three years had much more to do with customer satisfaction and market share than with meeting knowingly aggressive targets. Don't toss out the notion that reducing risk and uncertanty and all other performance measures doesn't follow the plan. . The Cone of Uncertanty is a Steering Guide providing feedback (in a closed loop control system) to the project on what corrections to take to Keep the Program GREEN.

2007 37

Start with Principles, Not Personal Anecdotes

Herding Cats

In the project domain, an estimate is a calculated approximation of some desired measurement. This is usually a cost, a completion date, a performance measure used in a closed loop control system to keep the project GREEN while delivering the needed Capabilities to produce the Value for the customer at the needed time for the needed cost. Kahneman is speaking about risk-taking when we put it in the project context. IT Risk Management.

2018 39

Webinar Recap: How Should a Project Manager Organize their Workday and Where does MS Project Fit into this?

MPUG

You may wish to use this transcript for the purposes of self-paced learning, searching for specific information, and/or performing a quick review of webinar content. He is also a trainer on project management and risk management in Microsoft’s Innovation Center.

2021 52